Nikola (NASDAQ:NKLA) Trading Up 9.6%

Nikola Co. (NASDAQ:NKLA) was up 9.6% on Wednesday . The company traded as high as $10.86 and last traded at $10.27. Approximately 1,827,420 shares traded hands during trading, a decline of 40% from the average daily volume of 3,058,681 shares. The stock had previously closed at $9.37.

Analyst Ratings Changes

NKLA has been the topic of a number of recent research reports. Bryan, Garnier & Co initiated coverage on Nikola in a research note on Thursday, May 16th. They set a “buy” rating and a $30.00 price objective on the stock. DA Davidson restated a “neutral” rating and set a $30.00 price objective on shares of Nikola in a research note on Wednesday, June 12th. Finally, Wolfe Research initiated coverage on Nikola in a research note on Tuesday, April 9th. They set a “peer perform” rating on the stock.

Nikola Price Performance

The company has a current ratio of 1.73, a quick ratio of 1.50 and a debt-to-equity ratio of 0.46. The business has a fifty day simple moving average of $16.20 and a 200 day simple moving average of $20.57. The stock has a market capitalization of $436.34 million, a P/E ratio of -0.33 and a beta of 2.11.

Nikola (NASDAQ:NKLA) last announced its earnings results on Tuesday, May 7th. The company reported ($3.00) EPS for the quarter, meeting the consensus estimate of ($3.00). The firm had revenue of $7.50 million during the quarter, compared to analysts’ expectations of $15.05 million.

Insider Transactions at Nikola

In other Nikola news, CEO Stephen J. Girsky bought 33,333 shares of Nikola stock in a transaction that occurred on Monday, May 20th. The stock was acquired at an average cost of $16.20 per share, for a total transaction of $539,994.60. Following the completion of the transaction, the chief executive officer now directly owns 241,433 shares in the company, valued at $3,911,214.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.74% of the company’s stock.

Institutional Investors Weigh In On Nikola

A number of large investors have recently added to or reduced their stakes in NKLA. Diversify Advisory Services LLC purchased a new position in shares of Nikola in the first quarter worth about $43,000. Tower Research Capital LLC TRC lifted its position in Nikola by 162.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 49,304 shares of the company’s stock valued at $43,000 after purchasing an additional 30,490 shares during the last quarter. Seaview Investment Managers LLC boosted its stake in shares of Nikola by 78.3% during the fourth quarter. Seaview Investment Managers LLC now owns 68,333 shares of the company’s stock valued at $60,000 after purchasing an additional 30,000 shares during the period. Cantor Fitzgerald L. P. boosted its stake in shares of Nikola by 817.5% during the fourth quarter. Cantor Fitzgerald L. P. now owns 93,244 shares of the company’s stock valued at $82,000 after purchasing an additional 83,081 shares during the period. Finally, Victory Capital Management Inc. increased its stake in shares of Nikola by 55.7% in the fourth quarter. Victory Capital Management Inc. now owns 123,022 shares of the company’s stock worth $108,000 after buying an additional 43,985 shares during the period. Hedge funds and other institutional investors own 37.38% of the company’s stock.

About Nikola

Nikola Corporation operates as a technology innovator and integrator that develops energy and transportation solutions in the United States and internationally. The company operates in truck and energy units. It commercializes battery electric vehicles (BEV) and hydrogen fuel cell electric vehicles (FCEV) to the trucking sector.